Profit on sale of fixed assets
This query is : Resolved
Jitendra Kumar
(Querist)
08 June 2016
Purchase value of fixed asset was Rs.70000000.
Accumulated depreciation on fixed asset is Rs.60000000.
Value of sale of fixed asset is Rs.10500000.
My question is whether the profit of Rs. 500000 is treated as income in profit and loss statement or taken it as income in profit and loss statement and then equal amount of above profit transfer to capital reserve from Profit and loss account.
Accumulated depreciation on fixed asset is Rs.60000000.
Value of sale of fixed asset is Rs.10500000.
My question is whether the profit of Rs. 500000 is treated as income in profit and loss statement or taken it as income in profit and loss statement and then equal amount of above profit transfer to capital reserve from Profit and loss account.
Amol S Joglekar
(Expert)
09 June 2016
profit on sale of asset will form part of income statement.
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Jitendra Kumar
(Querist)
14 June 2016
thank you sir
Amol S Joglekar
(Expert)
14 June 2016
you are most welcome
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